They couldn't keep both 107.5 and 94.5. They're the same license (facility ID #88468), and the only way they got on 94.5 was by filing an application stating they were being displaced by 107.5 by a new signal on that frequency at Alamo Community.
In certain very limited circumstances in the past, the FCC has allowed an applicant to "recharacterize" an application to move a facility, allowing both the old and new facility to continue to exist. We had an example up here near me in western NY about 20 years ago, where a daytimer on 1550 had applied to move to fulltime on 1310. Instead of signing off the 1550, they persuaded the FCC to recharacterize the 1310 app as a new app, allowing them to keep both 1310 and 1550. (1310 was later sold, and 1550 later augmented by a new FM translator.)
Recharacterization was possible back then because the rules would have allowed that owner to apply for a new AM anyway. But in this case, the FCC is not accepting applications for new translators, so allowing both 107.5 and 94.5 to stay on the air together would have provided the owner an unfair advantage.